REITs are one of the favorite tools of investors, they give predictable dividends, easy to understand and generally have the nature of democratizing ownership of an otherwise very illiquid asset such as a shopping mall or malls. Unfortunately REITs also have a strategy to grow its dividend and opportunity sets are limited due to only 10% of capital retained and a 45% gearing cap set by the regulator. As such, to acquire new assets. A company needs to raise funds either by debt, equity or a mix of both (e.g. perpetuals). In recent days, there were many destructive deals of the sort 1. OUE Commercial REIT 2. Kep KBS Reit 3. Cromwell Reit (not looking at this deal yet) OUE Commercial REIT generally dragged its share price all the way down from the mid 60s to just 10 bps above its right issue price. You may also look at the NAV and DPU dilutive damage that the ......